Movie Development Agreement [for National Lampoon’s Vacation]
Category: 270 Legal Recent Posts, Development, Entertainment Agreements, Film
RE: “NATIONAL LAMPOON’S VACATION”
Dear Bob:
The following are the terms of the agreement between Warner Bros. Inc. and Studio 21 Productions, Inc., a wholly-owned subsidiary of National Lampoon, Inc. for Matty Simmons to develop, and if set for production by Warner Bros., to produce a motion picture tentatively entitled “NATIONAL LAMPOON’S VACTION ‘58”, based upon John Hughes’ story published in issue No. 43 of the magazine “NATIONAL LAMPOON” in September, 1979.
1. Development
Matty Simmons to perform all development services required by Warner Bros. For the following consideration payable to Studio 21:
A. $15,000 payable one-half on the later of signature by studio 21 and National Lampoon, Inc. of a copy of this letter or commencement of John Hughes’ a service pursuant to a signed agreement for his services, and one-half on the earlier of completion of Hughes’ writing services on the first draft and set of revisions or abandonment of the projects;
B. $10,000 if Warner Bros. exercises the option for the second draft screenplay from Hughes, or budgets the first draft screenplay written by Hughes, or hires another writer, payable one-half when Warner Bros. options the second draft from Hughes, elects to budget Hughes first draft, or hires another writer, and one-half upon the earlier of completion of the second draft by Hughes, completion of all writing services required by Warner Bros. of the second writer, or the earlier of abandonment of the project or when the picture is set for production; and
C. $5,000 if Warner Bros. options a second draft by Hughes and thereafter hires another writer, or budgets the second draft screenplay by Hughes or any screenplay written by a subsequent writer, payable one-half when Warner Bros. hires a subsequent writer or elects to budget Hughes’ second draft or any screenplay written by another writer, and one-half upon the earlier of abandonment of the project or when the picture is set for production.
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